I don’t know what the official end of the Spring housing market is, but it seems as if the experts have called the close, and it ain’t great.

Last week, after the folks at the vaunted SP/Case Shiller Indices put a period on the home price double dip, which others had been reporting for months — and The New York Times did a piece on falling home prices — it seemed like suddenly the housing watchers got nervous again.

Over the weekend, JP Morgan Chase’s housing analysts revised their outlook lower for home price recovery, “largely based on existing home sales coming in lower than expected.” While they expect that regional divergences will increase, “Our new base case is down percent from here (Q1 2011) and bottoming in mid-2012. We expect home prices to modestly improve over the summer months.”

Soon after, Credit Suisse’s Monthly Survey of Real Estate Agents announced: “Weak ending to the Spring season.” CS’s Daniel Oppenheim notes, “A lack of urgency continues as does a fear and hesitation of buying if prices still have further to fall.” This, we knew.

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It’s not the big penalty from the fifty state attorneys general, but it will hit big bank bottom lines in a big way.

The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision released enforcement action against fourteen major bank/servicers in the form of consent orders.

Bank of America , JP Morgan Chase , Ally Financial, Wells Fargo, SunTrust, Citibank, HSBC, MetLife, PNC, U.S. Bank, Aurora Bank, EverBank, OneWest Bank and Sovereign Bank will all be hit with no fewer than 16 new requirements for mortgage servicing and loss mitigation.

They will also have to overhaul oversight of third-party vendors, including lawyers, who provide foreclosure services.

“These reforms will not only fix the problems we found in foreclosure processing, but will also correct failures in governance and the loan modification process and address financial harm to borrowers,” according to acting Comptroller of the Currency John Walsh.

While there is no penalty involved in this action yet (penalties often follow enforcement actions), the Federal Reserve release says, “The Federal Reserve believes monetary sanctions in these cases are appropriate and plans to announce monetary penalties.”

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